Industry Background:
Medical device reprocessing is basically a process that is done on medical devices that are reused so that they can be safe from any contaminated infection. It includes various steps such as cleaning, disinfection, inspection, sterilization, and repackaging of the medical devices so that they can be used again on different patients. Devices like the biopsy, catheter, endoscope and pulse oximeter etc are the ones which undergo the device reprocessing. This process helps in the reduction of medical waste and also helps save costs. Hospitals have agreed that third-party reprocessing of “single use” medical devices is a secure and efficient process that can help funnel valuable financial resources back into patient care while reducing the amount of controlled medical waste produced by the organisation. Reprocessing is now a common process and is used across various organisations. Several healthcare stakeholders have released statements in favour of medical device reprocessing and re-manufacturing. Furthermore, these devices usually cost 40-60% less than the initial device, which can result in substantial cost savings for the company.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Stryker Corporation (United States), Johnson & Johnson (United States), Medtronic PLC (Ireland), Vanguard AG (Germany), Medline Industries, Inc. (United States), AGITO MEDICAL A/S (Denmark), EverX Pvt Ltd (Australia), Block Imaging (United States), SureTek Medical (United States), ReNu Medical, Inc. (Arjo) (United States) and SteriPro (Canada) |
According to AMA, the market for Medical Device Reprocessing is expected to register a CAGR of 16.8% during the forecast period to 2030. This growth is primarily driven by Low Cost of Reprocessed Medical Devices and Helps In Reducing Medical Waste.
Globally, a noticeable market trend is evident
Major Players, such as Stryker Corporation (United States), Johnson & Johnson (United States), Medtronic PLC (Ireland), Vanguard AG (Germany), Medline Industries, Inc. (United States), AGITO MEDICAL A/S (Denmark), EverX Pvt Ltd (Australia), Block Imaging (United States), SureTek Medical (United States), ReNu Medical, Inc. (Arjo) (United States) and SteriPro (Canada), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product.
Key Developments in the Market:
On Jan 05 2021, Stryker announced the acquisition of OrthoSensor, Inc., a privately held company founded in 2007 and headquartered in Dania Beach.
In February 2023, Northeast Scientific Inc. received FDA 510(k) clearance for reprocessing the Philips IVUS Eagle Eye Platinum RX Digital catheter. With the launch of this product, considerable savings to Office-Based Labs and Hospital Cath Labs across the United States is likely to be achieved.
Regulatory Insights:
The US Food and Drug Administration (FDA) requires third party re-processors to meet the same standards as originally manufactured single-use devices (SUDs)
Market Growth Drivers:
Low Cost of Reprocessed Medical Devices and Helps In Reducing Medical Waste
Challenges:
Risk of Surgical Infections
Restraints:
Potential of Material Alteration Which Could Lead To Problems, The Reprocessing Of The Medical Device Is A Complex And Technical Process. It Raises Concerns about Patient Safety, Environment, and Ethics and Changing Regulatory Scenario for Medical Devices Act as a Restraint to the Market
Opportunities:
Healthcare Infrastructure Development in Developing Regions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Medical Device Reprocessing Market
- Analysis about New Entrants in Medical Device Reprocessing Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Medical Device Reprocessing Study Sheds Light on
The Medical Device Reprocessing Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Device Reprocessing industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Device Reprocessing industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.